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Technical analysis for the Dow Jones Industrial, the index reached the first target of the third bullish wave on the weekly chart and started a pullback. The first target for this pullback, the 1.272 FIB extension on the daily chart at 34 850, was reached. The second target is the 1.618 FIB extension on the daily chart at 34 400. The third and the fourth targets are the 2.272 FIB extension at 33 555 and the 2.618 FIB extension at 33 100. If the Dow Jones index break below the 33 100, it will open the door for a further decline toward the 0.382 FIB retracement on the monthly chart at 32 800-50.
On the bullish side, if the index Dow Jones breaks above 36 514, that will resume the weekly bullish trend. The first target of this potential break is the previous all-time high at 36 952. The second target is the 1.618 FIB extension on the weekly chart at 40 000, which is the second target of the third bullish weekly wave.
Weekly chart:
Monthly chart:
